Daily Brief ECM: NSE IPO – New SEBI Consultation Paper on CAS – Why It Eases the Worries a Bit and more

• Insight on SEBI’s new consultation paper on review of Certain Aspects of the Closing Auction Session(CAS) , Market Timings and Settlement Methodology for Derivatives Contracts.
• We discuss the various aspects of the paper presented by SEBI. 
• Finally, we discuss how the impacts the NSE IPO which is opening this week.

• GCash (Mynt) (GCASH PM) is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion at PHP10.00 per share. Pricing is on 1 October.
• I discussed the IPO in Mynt (GCash) IPO: The Investment Case. I have updated my view and forecasts for the 2Q results.
• My view is incrementally bearish due to escalating regulatory risk, declining sequential quarterly growth/margin, ongoing pressure in payment solutions, and stretched valuation. 

• ASR Microelectronics is a fabless semiconductor platform company, a market leader in cellular connectivity chips, ranking No. 1 globally in 2025.
• ASR Microelectronics ranked No. 1 globally in cellular connectivity chip market by shipment volume in 2025 with 37.8% market share.
• ASR Microelectronics reported a loss of RMB390,285 for 2025 and a profit of RMB84,244 for six months ended June 30, 2026.

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• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, Shenzhen Longsys Electronics (9976 HK) didn’t do much at listing and had one of the lowest institutional coverage ratios yet for large A/H listings.
• On the placement front, the week wasn’t as busy but we did look at a few deals and upcoming lockups.

• Haymaker Acquisition Corp V is a blank check company formed to effect a business combination with one or more businesses or entities. It intends to acquire and operate a business.
• The management team has a proven track record of business combination success with prior SPACs and extensive experience in industrial, consumer, and consumer-related industries.
• Total assets were $342,493 (Actual, June 30, 2026) and $252,216,395 (As Adjusted, June 30, 2026). Shareholders’ deficit was $(33,605) (Actual).

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• Eloxx Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing novel, small molecule product candidates to modulate the ribosome and promote readthrough of premature stop codons.
• Exaluren received Orphan Drug Designation from the FDA for AS, with Phase 2b topline data anticipated by mid-2027.
• The company reported net losses of $8.3 million for the six months ended June 30, 2026, with an accumulated deficit of $308.8 million.

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• QVC Group, Inc. is a global live social shopping company engaged in video and online commerce. This filing registers shares for resale by existing stockholders.
• QVC Group, a global leader in video and social commerce, reported $3.534 billion in net revenue for six months ended June 30, 2026.
• The December 31, 2025 audit report raises substantial doubt about the company’s ability to continue as a going concern.

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• Founded in November 2009, the company’s mission is to power women to feel their best every day, building the world’s first shared designer closet.
• The company served approximately 3.5 million lifetime customers and had 186,019 total subscribers as of July 31, 2026, generating 90% of revenue.
• Total revenue, net was 187.6 for six months ended July 31, 2026, with a net loss of $(31.8) and an accumulated deficit of $(1,132.2).

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• In the context of low growth visibility and high trade risks, a valuation decline does not mean that SHEIN’s stock is cheap, or a valuation reversal is certain to occur.
• Investors need to focus on whether there’s a turning point in 26H2.In short term, SHEIN‘s more suitable as an event-driven trading target rather than a core position for long-term holding.
• SHEIN’s long-term value depends on whether it can complete the transformation from “cross-border direct mail retailer” to “localized fulfillment platform”.Then, valuation logic would shift from “risk discount” to “platform premium”.

• GenScript Biotech (1548 HK) is placing 77M shares at the price of HK$30.50 per placing share. Placing shares represent approximately 3.5% of the total number of issued shares.
• The company intends to use the proceeds mainly for expansion of capacity and infrastructure of AI-driven drug discovery platform, including automated high-throughput wet-lab facilities, related equipment, and laboratory upgrades.
• GenScript is witnessing accelerating demand for AIDD. During 1H26, AIDD business doubled and maintained rapid growth for a third consecutive half-year reporting period.